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Home loan at 7% interest

Source: Prothom Alo

September 22, 2019

The article features the lowest interest loans for building houses and buying flats offered by Bangladesh House Building Finance Corporation (BHBFC). On September 12 BHBFC issued a notice to lower interest rates as high interest rate of home loan is one of the major problems in real estate business.

According to the notice, the interest rate for farmers’ housing loan at upazila sadar, adjoining upazila headquarters is 7 percent, before that it was 8 percent. Apart from Dhaka and Chittagong City Corporation, the interest rate for rural housing loan, expatriate loan, housing development loan and housing repair loan is 8 percent in any part of the country. Previously, the rate was 8.5 percent. The notice is effective from 1st July. For loans that have been sanctioned since July 1, the interest rate of 7 and 8 percent will be effective.

The article also features that for loans sanctioned before July 1, but the loan disbursement process was or is continuing after July 1, the previous interest rates will be effective till June 30 and new interest rates will be effective from July 1 onwards. It is also said that all installments of customers need to be updated if they would like to enjoy the new rates. After a customer gets up to date, the new interest rate will be effective from next month.

Flat Registration Fee not decreases yet

Source: Prothom Alo

September 20, 2019

The article features that no initiative has been implemented yet to reduce the flat registration fee. Real Estate and Housing Association of Bangladesh (REHAB) and Bangladesh Land Developers Association (BLDA) urged the government a few months ago to lower the flat/land registration cost on the purchase of flat and land. In addition, they urged the government to reduce the registration fee of old flats to 3.5% to introduce secondary market. Meanwhile, in the budget speech of the current fiscal year, the finance minister said that the country’s housing sector has been stagnant for a long time. He attributed this to the very high stamp duty in Bangladesh as well as registration fees. The government would take initiative to bring these fees down to the rational level, he added. But nothing has been implemented in the last three and a half months.


Source: Prothom Alo

September 14, 2019

The article features the mediation in real estate sector of Bangladesh. It reported that buying/selling of old flat has been easier due to this mediation service. The article also features some of the mediators. One of them is bti Brokerage which has been working diligently since 2015 as an independent department of building technology & ideas ltd, a renowned real estate company in bangladesh.

Though old flat’s business is increasing, it is still a new notion to deal it through a third party in our country. In fact, all the hassles and risks can be resolved with the right support by third party. bti Brokerage ensures legal vetting of flat/land related documents in bangladesh while working as a professional mediator of buying/selling/renting any property, said Md. Alinur Rahman, Executive Director of bti Brokerage.

The president of REHAB Bangladesh said that the old flat sale or secondary market of the flat is very prospective. Registering old flats at a nominal price would be something great for the lower income people to own an address. So, the government should consider seriously about reducing flat and land registration cost.

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